Online MI retailer Gear4music.com has launched 17 new websites across Europe, the Yorkshire Post has reported.
The company now serves Germany, France, Italy, Czech Republic, Poland and Portugal and many more, and it also has plans to launch new sites in Cyprus, Finland, Greece and Slovakia in the near future.
The move completes the first phase of its expansion plan, which was set up following a £3.4 million equity investment from Key Capital Partners (KCP) back in March.
The investment has also seen Gear4music's profits soar – like-for-like sales have increased 20 per cent so far this year. Seven new employees are expected to join the trader this month as well, taking its staff numbers to 50.
“Up until now, around five per cent of our revenue has come from Europe," said Gear4music.com's managing director, Andrew Wass. “I would like to increase that figure to 20 per cent in a couple of years. In the longer term, we would like the European business to be a similar size to the UK business.
“We have a really good line of our own brand of products that are price competitive at a time when consumers are determined to get a good deal. In the next 18 months we hope to hire another ten staff in Yorkshire. This year we will be hiring up to 20 additional staff for the Christmas period, up from 15 last year.”
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